CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.
FP Markets is one of the most reputed forex brokers that offers margin-based trading services all over the world. The broker allows trading in more than 10,000 financial assets including forex, indices, shares, commodities, and cryptocurrencies. With the industry’s most competitive spreads, raw pricing, instant trade execution, and great trading conditions, the broker is undoubtedly a good choice for forex trading.
In this piece, I’ll try to review each and everything about the broker in detail. So, let’s begin.
FP Market is a forex and CFD broker based in Australia. Founded in 2005, the broker is fully authorized and regulated by the Australian Securities and Investment Commission (ASIC). In 2018, First Prudential Markets (FPM) received a license from the Cyprus Securities and Exchange Commission (CySec). The company’s main offerings include Contract for Differences (CFDs) and Forex. The founding member of the company is Matthew Murphie. The company employs a staff of 95 professionals.
|Extensive range of offerings|
Low fees on FX pairs
Easy account opening process
Multiple payment methods
ASIC & CySEC Regulated
|No FCA regulations|
Limited physical presence
Limited research & educational resources
Average customer support
Who FP Markets is for?
FP Markets is suitable for all types of traders who are looking for a low-cost and reliable trading solution. High volume traders can enjoy deep liquidity at the most competitive spreads. Newbies can sign up for a demo account to practice unlimited trading strategies without risking their real funds. Being a one-stop destination for both retail and institutional investors, the broker offers a wide range of CFD products with transparent pricing structure and super fast trading platforms.
Sign up bonus: FP Markets does not offer any sign-up bonus at present.
Is FP Markets Safe?
Trust Score: 55 (read more)
First Prudential Markets operates under the regulation of the Australian Securities and Investment Commission (ASIC). The broker also holds a license from the Cyprus Securities and Exchange Commission (CySec). Additionally, the broker is a registered member of the Compensation for Detriment caused by the Defective Administration (CDDA) Scheme. Under this scheme, clients can file for their financial losses, resulting due to the negligence of the broker.
Due to regulatory requirements, the broker must always maintain enough capital funding to remain liquid. The company also keeps clients’ funds in segregated bank accounts. Making clients both personal and financial information secure, the broker offers a two-step-authentication process through secure web encryption protocols. Given the multiple safety measures discussed above, clients can rest assured that the broker is safe for investment.
Offering of Investments
FP Markets offers a variety of tradable financial instruments. Clients of FPM can trade at least 60 FX pairs with low spreads. Other products include thousands of shares, 19 global indices, 05 cryptocurrencies, and multiple commodities. However, the range of available products may vary depending on the trader’s courty. Therefore, it is suggested to confirm the availability of any specific tradeable product before signing up with the broker.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||60+|
|Social Trading / Copy-Trading||Yes|
|CFDs instruments||Forex, Shares, Stocks, Indices, Commodities, Cryptocurrencies (8000+)|
Commissions & Fees
Commission & fee structure of FP Markets is quite competitive as compared to the industry standards. However, charges may vary depending upon the country of the trader’s origin and selected account type.
The company offers 05 types of accounts under two categories, including Forex Accounts and Iress Accounts. In the forex category, clients can sign up for the standard or Raw account. Whereas, Iress accounts come with standard, premium, and premier choices.
Average spreads in the forex category of accounts are around 0.64 pips. Even after the incorporation of commission, the overall cost remains less than the standard account type. Average spread in the forex standard account varies between 1.0 to 1.5 pips on EUR/USD.
Iress accounts are available to Australian clients only. Clients need to deposit a minimum of $1000, $25000, and $50,000 to sign up with the Standard, Premium, and Premier Iress accounts respectively. Amongst these three account types, the premier account is the best option since it has the lowest commission, spreads and swap for positions held overnights. Also, clients do not have to pay any platform or data fee in the premier account.
On the other hand, the broker charges $55 as a platform fee in the rest of the Iress accounts. Clients also need to pay $22 for the live data royalty fee in both Standard and Premium Iress accounts.
|Minimum Initial Deposit||$100 for Forex Accounts and $1000 for Iress Accounts|
|Average Spread EUR/USD – Standard||1.15 Pips|
|All-in Cost EUR/USD – Active||0.60 pips|
|Minimum withdrawal||Not Specified|
Platforms & Tools
FPM offers multiple trading platforms, including the full suite of metatrader platforms and Iress platforms (only for Australians). The broker provides access to both categories of trading platforms across all mediums, including web, desktop, and mobile phones.
FP Market’s web trading platform is highly user-friendly in terms of accessibility. Traders can use it through any web browser without having to worry about the operating system. The web trader is fully capable of meeting the needs of traders, including one-click trading, order placement, defining TPs & SLs, order editing, and chart annotations, etc.
To benefit from the advanced-level trading experience at FP Markets, clients can also download the MetaTrader’s desktop version. The main features of the MT4 desktop platform include eight order types, multiple technical indicators, algorithmic trading & EAs integration, price alerts with push notifications, and charts viewable in 21-time frames.
Talking about the Iress Platform, clients can access the web-based version of the platform available in three different categories, including Iress Trader, Iress Investor, and Iress ViewPoint. The Iress ViewPoint offers more than 70 technical indicators with an option of creating a watchlist. However, the platform is more CFD centric instead of forex. Also, you might struggle while searching for news on major FX pairs on the Iress ViewPoint platform.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting – Indicators / Studies (Total)||50+|
|Charting – Drawing Tools (Total)||30+|
|Charting – Trade From Chart||Yes|
|Order Type – Trailing Stop||Yes|
The research section of the broker is well maintained. It contains articles on technical and fundamental analysis, economic calendar, and a forex calculator. Traders can also access the trading knowledge tab to read multiple posts, covering a wide range of topics on various classes of assets. The section also enables clients to study varying trading strategies and understand different trading myths. Overall, the research sections seem to be meeting the industry standards. However, I feel there is still room for improvement. For example, there should be some online technical indicators as well as advanced-level charts available in the research section.
Unlike the research area, the FPM education section has little to offer. Only a few video tutorials and a handful of archived webinars are part of the education section. To my amazement, videos available under the education tab marely provide instructions on the configuration of trading platforms instead of educating traders on different domains of forex trading. I understand, guidance on how to use the platform is essential, but it should not be the only source viewable under the education section. At least, I didn’t expect this type of content coming from a reputable broker such as the FP Markets.
Not to mention, the company also provides e-books for its clients to read and learn various aspects of the forex world. Also, a glossary section helps clients to know the meaning of different trading terminologies and develop some basic understanding of the financial markets.
Considering the need for mobility and modern trading requirements, FP Markets has recently launched its upgraded version of the mobile trading app. The app is compatible with all MAC and android-based mobile phones and tablets. Clients can download the app from the Google Play Store or Apple’s app store, depending on the OS of their smartphones.
FP Markets mobile trading app comes with almost all features that are available through the desktop version of the platform. Clients can trade around 60 forex pairs, including major and exotic currencies. Also, CFD trading across shares, indices, commodities, and cryptocurrencies becomes quite convenient through the mobile trading app. The incorporation of technical indicators and charting tools help traders to perform technical analysis right from their mobile screens.
|Mobile devices||Android & Apple|
|Features||Watchlist, charting tools, negative balance protection, price alerts|
After a detailed review of the broker, I can confidently conclude that FP Markets is one of the most trusted and reliable forex brokers in terms of pricing, product portfolio, and security of funds. With the availability of Iress accounts, the broker outclasses its competitors in Australia. However, FP Markets need to work on its education and research sections since I found them below average as compared to the industry standards.